Atul Ltd 2009-10

24 / Atul Ltd | Annual Report 2009-10 Mr V S Rangan joined the Board as a Non-executive Independent Director with effect from July 19, 2010. His term as Additional Director ceases in the ensuing AGM. Accordingly, his reappointment as a Director is proposed in the AGM Notice. Corporate Governance A Report on Corporate Governance along with a certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed. Listing As approved by the Board of Directors and pursuant to the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 the Company has got its equity shares de-listed from Ahmedabad Stock Exchange Ltd, Ahmedabad effective March 31, 2010. The equity shares will continue to remain listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Fixed Deposits As on March 31, 2010, fixed deposits amounting to Rs 0.19 crores were not claimed by the depositors from the Company. The fixed deposits which matured on or before March 31, 2003, but remained outstanding since then were transferred to the Investor Education and Protection Fund as required under Section 205 C of the Companies Act, 1956. Information regarding conservation of energy, technology absorption, foreign exchange earnings and outgo, employees and subsidiary companies Information required under Section 217(1)(e) of the Companies Act, 1956, read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 and information as per Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars Employees) Rules, 1975, as amended from time to time, forms a part of this Report. However, as per the provisions Section 219(1)(b)(iv), the Report and Accounts are being sent to all the Members of the Company excluding the information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo and the statement of particulars of employees. Any Member interested in obtaining such particulars may inspect the same at the registered office of the Company or write to the Company Secretary for a copy. Subsidiary Companies The Company has six wholly-owned subsidiary companies namely, Ameer Trading Corporation Ltd, Atul Americas Inc, Atul Deutschland GmbH, Atul Europe Ltd, Atul Rajasthan Date Palms Ltd and Atul International Trading (Shanghai) Co Ltd. The Company has got exemption from attaching the details as provided under Section 212(1) of the Companies Act, 1956 in respect of the subsidiary companies. However, the investors may seek the copies of the Annual Reports and related detailed information of the subsidiary companies by writing to the Company Secretary at the registered office of the Company. Responsibility Statement Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that to the best of their knowledge and belief; i) In the preparation of the annual accounts, the applicable accounting standards were followed ii) Such accounting policies were selected and applied consistently and such judgments and estimates were made that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2010 and of the profit of the Company for the year ended on that date iii) Proper and sufficient care was taken to maintain adequate accounting records in accordance with the 25